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Naira Ranks Among World’s Worst Performing Currencies

Recent reports have highlighted a troubling trend for the Nigerian naira, which has been listed among the ten worst performing currencies in the world, according to Bloomberg. This ranking reflects broader economic challenges faced not only by Nigeria but also by several other African nations. In the global economy, currency performance is often a reflection […]

CBN Offers Dollars to BDCs at N1,580/$ to Increase Market Liquidity

The Central Bank of Nigeria (CBN) has introduced a new policy to increase the availability of foreign exchange in the market. As part of this effort, the CBN is selling dollars to Bureau De Change (BDC) operators at the rate of N1,580 per dollar. This was announced in a circular signed by W.J. Kanya, acting […]

CBN Sells $876.26 Million at N1,495 per Dollar in Latest Retail Dutch Auction

In a significant move to manage the rising demand for dollars and stabilize the naira, the Central Bank of Nigeria (CBN) conducted a Retail Dutch Auction on Wednesday. During this auction, the CBN sold a total of $876.26 million at a cut-off rate of N1495 per dollar. This auction was held under the Retail Dutch […]

Tinubu Orders NNPCL to Sell Crude Oil to Dangote Refinery in Naira

In a major policy shift, President Tinubu has directed the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to the Dangote Refinery using Naira. This new approach, announced by Bayo Onanuga, a media aide to the president, is designed to stabilize fuel prices and the Naira-Dollar exchange rate. The Federal Executive Council (FEC) […]

Naira Strengthens Against Dollar in Black Market During Sallah Holiday

During the Sallah holiday, the Naira experienced a modest rise to N1480 per dollar on the parallel market, commonly known as the black market. Dayyabu Ashiru, a currency trader at Wuse Zone 4 in Abuja, informed the Daily Post on Tuesday. He mentioned that the demand for foreign currency remained stable because of the Eid-el-Kabir […]